Renegades books summary
Few nuggets here.
“The majority is always WRONG.”
Looking at this pyramid, it’s pretty clear that a full 95 percent of people, therefore, are totally, absolutely 100 percent wrong about their entire approach to life … certainly about money, but it’s hard to argue if you wind up at age sixty-five dead broke, that you did much of anything right.
I’m thinking 95 percent of these people are clueless — which means, I can’t go looking to them for wisdom, strategies, advice, and support.
Instead, I’ve got to find the 5 percent; then I’d REALLY like to find the 1 percent. If I can’t find out who the 5 percent is, and if I can’t find the 1 percent, I can at least not do anything I see the other 95 percent doing.
You have to NOT behave like the 95 percenters. You can’t afford it, not if you want to be at the top of that pyramid …
If you don’t know how to do what you need to do to get where it is you want to go ….
And you don’t have anybody around who is your model or your mentor or who has legitimacy, who has traveled the path you want to travel and arrived at the destination you want to arrive at … Then what you do is look around at what everyone else is doing … And DON’T do it.
That’s your starting point. So the first premise is to look at what everybody else is doing, strip away everything because you recognize that the majority is wrong, and then take a minority viewpoint by doing the exact opposite.
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Marketing IS Your Business Renegade Millionaires understand that marketing your business is the most interesting, enjoyable, fun part of the business … and in fact — MARKETING is your business.
But one thing all Renegade Millionaires DO have in common is this: A relentless focus on building up our list of customers, which we sometimes call our “herd” — because we recognize that all the real wealth is in the herd.
So the smartest thing to do with ALL your advertising is have it work to attract ONLY the appropriate person for what it is that you do. Never spend a dollar that does not directly do that.
“You can get a customer to make a sale or you can make a sale and create a customer relationship for life.”
You should be agnostic about almost everything and ONLY interested in WHAT WORKS.
You said that in business, we all make mistakes and screw up, whether our fault or not. There is no time for shame. That the only shame is in giving up without a fight.
Fear of failure is the biggest obstacle that prevents success.
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The Power of Leverage Let’s talk a little bit about leverage. The thing about leverage is it’s very hard to make a lot of money without it.
The all-time champion of the worst idea for doubling your income is to double your work.
You ask yourself, “What are the things we can do to get more out of this business?” Here are some points of leverage to consider: Multiple Uses for the Same Assets One is to look for multiple uses for the same assets or units of work. So, whatever the unit of work is inside your business, how can you get more than one payday for it?
The value of a business rises with continuous or continuity income versus episodic or transactional income. Two businesses, same amount of revenue, same profit, but the one that has continuous or continuity income is more valuable than the one that has episodic or transactional revenue. The value of a business rises as customer lifespan increases — same revenue, same profit, but the business that keeps the customer for the longest span of time has the greater value.
Current Bank vs. Future Bank This is an extremely important concept to grasp. Most businesses focus on making deposits into their Current Bank. Renegade Millionaires make sure to put energy into creating deposits for “Future Bank.” Current Bank is the money you make today. Future Bank is the money you count on making based on strategic decisions and actions.
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The higher up the monetary food chain we go in our compensation and the nature of the people from whom we get it, the more we are paid for WHO we are and WHO we are perceived to be by them, than we are paid for WHAT we do. But nobody wants to accept that — and even if they do, it’s like pulling teeth to have them embrace it to the degree that they actually start using it as a strategy to raise their level of income.
There’s a difference, for example, between Dan at let’s say $100,000 for a marketing project and somebody at $10,000. There is a skill level; there is an experience level, there is a difference. It is not a 10x difference; it ain’t that big. It might be two on average. But Dan charges 10x. How can you charge 10x for something that is only really a 2x? It’s this:
It’s who you are perceived to be by the people you do business with, not what you do. Why people get paid is really important to get a grip on, and it is totally different than what 99.9 percent of people believe about why people get money.
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Anti-Timidity Strategies First of all, only sell stuff you actually think is great. Then, when you sell it, you don’t have an internal reason to be timid. There truly is a whole lot of stuff to sell. You don’t need to stay in a business that you don’t feel great about.
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But most people have no protections in place whatsoever to safeguard their time. They let people drop in whenever they want. Phone rings, they answer it. Email/social media/internet … all day long the interruptions keep coming. There’s nothing safeguarding their time at all. All that stuff is readily replaceable, just as the money that bought it is readily replaceable. Renegade Millionaires have come to grips with just how easy money is to replace, but how hard time is to replace.
Again — you can replace anything else. You can replace people. You can replace money. You can replace stuff. But you can’t get that hour back. You can’t do it.
Renegade Millionaires understand that money is attracted to speed. They do whatever they can to shorten the time between an idea and the actual appearance and introduction of that idea into the market — where it can be offered and sold.
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Accurate Thinking
Let’s start talking about what I think could be the most important secret of all and that is accurate thinking. Note that I didn’t use the term “intelligence” or “smarts” or “wisdom” here. I used “accurate” as in “knowing facts you may not want to know.” This matters because we all have a tendency NOT to want to know a lot of stuff that’s actually going on. Most people just recoil in horror from accurate thinking about the reality of human beings, human nature, and businesses.
Operate from a premise of truth and reality. Accuracy not fantasy. That enables you to look at things as they really are instead of seeing what you wish. You see what is there and the opportunities that DO exist.
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Sad but True, Idiots Everywhere My big personal advice regarding accurate thinking is this: Act as if everybody you deal with is a dim-witted, distracted, utterly unreliable idiot. Every day you can be pleasantly surprised if you follow this methodology. If you don’t follow this methodology, you are almost assured of some very disappointing days. First of all, people forget their jobs every weekend.
You have to assume everyone is an idiot, or, under the best of circumstances, they’re not always idiots, but they could be idiots at any moment.
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It’s a relatively small number of people who know, understand, and honestly believe that in reality, their most formidable competitor is THEM.
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The secret of those who get rich by DOMINATION of a target market is they have structured the economics of their business to support “overwhelming force” spending — both to acquire customers and then to keep them. The mistake made by most businesses is to try, in every way, to spend as little as possible to acquire customers. This severely restricts their ability to leverage multiple media options — at best they can use them sparingly — and it also limits their ability to nurture customers they have obtained.
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Pay Yourself First Here’s how it typically works. You pay everybody else, you pay all the bills, if there’s anything left, you take some, right? Problem is, quite often there’s nothing left. So you go take some that you took before and put it back in, right? Don’t you think? Most entrepreneurs? Sure. And it’s exactly wrong. It’s the polar opposite of how the game needs to be played. Here’s how the game needs to be played. You get paid first, and if you can’t get paid, then the whole deal’s bad and you should get out of it as quickly as you possibly can. As a Renegade Millionaire, your job is to extract wealth from your business on a day-to-day, week-to-week, month-to-month, year-to-year basis, and accumulate your wealth outside of your business.
Renegade Millionaires don’t sell “stuff.” The crucial thing to remember is that we are NOT selling a product at all, but are seeking to produce a psychological response. All the money is in the meaning — people buy for psycho-emotional reasons.
